Somebody save us from these loons, they are spending us ALL into the next millenium..they want GLOBAL bankruptcy apparently to ensure no one can recover..

Now that TOTUS has his budget to bankrupt us for generations sailing along nicely, he is off for the second leg of his Grand Tour in which he and Gordon Brown convince the rest of the industrialized world that they too can make friends and influence people, if they just keep spending…

A draft G20 communique shows Britain wants the group of leading economies to pledge $2 trillion in stimulus when they meet in London next week, German magazine Der Spiegel reported…

In the draft communique it cited, the magazine also said the $2 trillion was in brackets, showing that it is a proposal by G20 president Britain that has not been approved by the broader group. Der Spiegel said the draft stated the stimulus would boost growth by 2 percentage points and employment by 19 million….

British Prime Minister Gordon Brown, who will host the April 2 summit, has said he expects world leaders to do “whatever it takes” to create growth and jobs when they come together.

The draft cited by Der Spiegel includes the following pledge: “We are determined to restore growth, resist protectionism and to reform our markets and institutions for the future.” It continues: “We believe that an open world economy, based on the principles of the market, effective regulation and strong global institutions, can ensure sustainable globalisation with rising well-being for all.”

However, Eurozone officials continued to put off a U.S. push for more coordinated government spending to stimulate economies.

Key players in the Eurozone, especially France and Germany, have rejected U.S. demands for spending increases to solve the recession, and said that recovery plans should focus on tighter regulation.

Last weekend’s meeting was intended to set the agenda for the group’s April 2 summit in London, which is being viewed as the acid test to determine whether the world’s leaders can find enough common ground for a solution to the global economic crisis…

Britain, led by Prime Minister Gordon Brown, attempted to bridge divisions between the United States and Europe on the stimulus issue, but was thwarted by Germany, whose officials maintain that fixing the financial system must remain priority one.

We noted Monday that Larry Summers did an interview with the FT indicating the whole world must get behind the Team Obama, spend your way to fiscal stability model. This ahead of the coming G20 meetings…

Response from the Europeans? Talk to the Hand…(in German for our EU friends, nice to know the kool aid contamination isn’t global)

Sounds like Larry ‘the Ego’ didn’t bother to consult with anyone, just ran his mouth to the FT and let business media run with stories of global coordinated stimulus, which even Ben Bernanke was speaking about this morning at CFR….Problem is no one else in the world is on board, and in fact most finance ministers seem to want to go the other way…

European ministers said on Monday they had no plans to add to recent fiscal stimulus packages despite calls from the US for radical expansions in government action to boost ailing economies.

Notice the FT (or perhaps even worse, the finance ministers they interviewed) is calling the plans RADICAL EXPANSIONS..cause you know THEY ARE....I mean how bad is it when the socialized European tax and spend economies consider your policy a RADICAL EXPANSION OF GOVERNMENT ACTION??

Meeting in Brussels, finance ministers from the countries in the eurozone said they wanted first to see the effect of stimulus packages that had been passed. Peer Steinbrück, the German finance minister, said: “We are not debating any additional measures.”

Jean-Claude Juncker, chair of the “eurogroup” of ministers, said: “The 16 finance ministers agreed that recent American appeals insisting Europeans make an added budgetary effort were not to our liking.”

IOW don’t tell us what to do Team Obama. No New World Order for You!! Way to rekindle the LURB and admiration for America there Larry….

Lawrence Summers, senior economic adviser to Barack Obama, US president, told the Financial Times recently that the Group of 20 countries should agree to boost government demand. On Monday Christina Romer, chair of the White House Council of Economic Advisers, said: “The more that countries throughout the world can move toward monetary and fiscal expansion, the better off we will all be.”

But European ministers are concerned that building up more government debt would threaten the stability of the eurozone and say that they want to assess the effects of spending boosts that have already been passed before considering more. The US Treasury declined to comment on their remarks on Monday.

…yesterday, Sir Gus O’Donnell, Britain’s most senior civil servant, exposed transatlantic tension when he protested that Downing Street was finding it “unbelievably difficult” to plan for next month’s G20 summit in London because of problems tracking down senior figures in the US administration. “There is nobody there. You cannot believe how difficult it is,” the Cabinet Secretary told a civil service conference in Gateshead.

Timmeh is busy on Charlie Rose…..It sounds like Treasury is a really bad version of Are You in the House Alone? Starring Little Timmeh….

Best part of all this is that it is almost certain that Obama will push Bernanke out in 2010 and install Summers as head of the Fed. What a clusterfrak…